MOSCOW (MRC) -- Alpek, a leading petrochemical company, is all set to buy polyethylene terephthalate (PET) producer Petroquimica Suape (PQS) for USD385 million, reported CMT.
Currently owned by Brazil's Petrobras, PQS owns a 700,000 mt/year PTA plant as well as a 450,000 mt/year PET plant in Ipojuca, Pernambuco, Brazil. After the acquisition, Alpek will own all these assets as well as Citepe - a polyester unit.
Alpek already owns Mexico’s polypropylene producer Indelpro and DAK Americas, which produces PET in the US, Mexico, Canada and Argentina.
The deal is awaiting corporate approvals as well as approvals by the appropriate governmental authorities.
Petrobras is divesting assets - except for its core oil and gas exploration and production divisions – and this deal is part of the same divesting drive.
Alpek owns 23 factories in 6 countries and it is Latin America’s largest polyester manufacturer.
More on PET markets in Mexico, Brazil as well as the larger South/Central America, Andean and Caribbean region will be discussed at CMT’s 5th SCAPET scheduled on 7-8 June, 2017 in Medellin, Colombia.
As MRC informed before, in late December 2016m, Petrobras said its board had approved the sale of two petrochemical companies, Petroquimica Suape and Citepe, to Mexico's Alpek SAB de CV for USD385 million.
Headquartered in Rio de Janeiro, Petrobras is an integrated energy firm. Petrobras' activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities.
Alpek is the petrochemicals unit of Mexican conglomerate Alfa.